Dear lender411 what interest rate can i get on a home loan with a 640 score?

There's no way to throw out an interest rate without knowing all the details of you and your loan scenario.. any loan officer who does, is someone you shouldn't even consider using.. so many things go into determining your interest rate, that it's impossible to quote.. 15, 20, or 30 years? Fixed or Adjustable? What's the loan amount? What's the property type? Manufactured home? Condo? Townhouse? Single Family Home? How much are you putting down? 3.5%, 5%, 10% 20%, 40%?? etc, etc, etc.. Also, why is your score so low.. BK? Foreclosure?, Repossession? Unpaid student Loans?, Judgments? Short sale? Even if your score were 700 and you had one of those deficiencies, you might still be denied.. do yourself a favor and contact a LOCAL mortgage broker and apply with them. Once they see your complete scenario, they will be able to give you an accurate quote based on your exact scenario.. no more guessing.. but I caution you.. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

This is going to depend on why type of program you are eligible for. FHA and VA allow scores from a 600 and higher, Conventional allows from a 640 and higher. Please contact me and I can do a loan application on you in just 5 minutes and I can give you a rate for your score.

There are several variables that we need to consider. Your credit is one of them, however you will need to take a full application so that the Lender can fully understand your situation and what rate they can offer. Good Luck!

There are factors other than a credit score that go into quoting a rate: Loan Product: VA, Conventional, FHA, Jumbo, USDALoan Purpose: Purchase, Refinance, Cash-Out Refinance, Streamline FHA, VA IRRRLLoan Amount: Larger loans, up to a certain amount (ceiling) have a better rate. Loan amounts over the ceiling (Jumbo) will have a higher rateProperty State: Some states with higher loan losses will carry a higher rate than othersLoan To Value%: The loan amount as a percent of the home's value.Credit Score:Property Type: Single family home, multiple units, Condo, TownhouseOccupancy: Owner Occupied, Investment, Second HomeLock in Period: The longer the lock-in period the lower the premium or higher the discount You should speak directly with a qualified mortgage professional and have a conversation about your specific request.Harry Newell1-855-QUOTE-RATE855-786-8372

Hi Tom;since we don't know the full history of what you are looking to do ( purchase orrefi). 1st time homebuyer? the best bet is to contact a local lender or community bank. Have these documents ready when you speak to the loan officer of your choice- most current 30 days paystubs, most current 60 days bank statements-all accounts ( quarterly account if retirement/ investment) last 2 years tax returns-if there is social security income, most recent award letter, child support or alimony- the decree specifying the amount paid or collected.with this information, plus a credit history the loan officer can better direct you.

More information is needed to give you an accurate answer. Income,assets, liabilities, loan to value and is 640 your middle score? if not would need to know what that is as well.